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Credit union assets up 40% over past decade [Video]

Small Business Funding

The assets of Irish League of Credit Unions-affiliated credit unions have increased 40% over the past decade.

The ILCU, which represents 92% of active credit unions in the Republic, had assets of €18bn, up €451m or 2.6% year-on-year and savings deposits totalling €15bn, an increase of €310m or 2.1%, at the end of last year.

The organisation’s Q1 2023/23 results show lending across all areas increased 2.2% compared to growth of 0.9% during the same quarter last year, while the number of new loans issued increased 4% to 112,000.

There was also a significant increase of 15% in credit union mortgage lending for the quarter, and the grouping’s mortgage loan book is now worth more than €500m, with arrears of just 2.7% compared to 4.1% across the wider market.

The value of loans issued by the group increased €631m or 13.2% year-on-year to €5.4bn, and the ILCU’s ratio of loans to savings is now 36%.

“[The results] …

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